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Mama L [17]
4 years ago
9

On October 15, a company received $15,000 cash as a down payment on a consulting contract. The amount was credited to Unearned C

onsulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.A. TrueB. False
Business
1 answer:
VLD [36.1K]4 years ago
3 0

Answer:

True

Explanation:

The company received $15000 and credited it to the unearned consulting Revenue accounts because it had not performed any services yet.

According to the accrual principle, the company can only report the amount earned in a period. If the company achieves the required  10% of consulting services by 31st march, it will record 10 percent of $15,000 as its income.

10 percent of $15000= 10/100 x $15000

                                     =$1500

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6 0
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On October 1, 2020 Waterway Industries issued 6%, 10-year bonds with a face value of $8150000 at 104. Interest is paid on Octobe
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3 years ago
You are going to sell your house. You are determining what the price should be. To help you, you have collected information of h
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Which sentences in this paragraph describe two government policies that liberalize the economy? The government of a country obse
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6 0
3 years ago
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If the reserve requirement is 20 percent and Acme Laundromat deposits $10,000 cash in the banking system, the total change in th
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3 years ago
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